Greenfire Resources (NYSE:GFR) Shares Down 6.8% – Should You Sell?

Greenfire Resources Ltd. (NYSE:GFR) shares fell 6.8% on Monday. The company traded as low as $6.25 and last traded at $6.2450. 335,238 shares were traded during trading, a decline of 28% from the average session volume of 464,571 shares. The stock had previously closed at $6.70.

Wall Street Analysts Forecast Growth

GFR has been the topic of several recent analyst reports. BMO Capital Markets raised Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price target on the stock in a research note on Wednesday, August 5th. TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings raised Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Greenfire Resources has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

Greenfire Resources Stock Performance

The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $711.70 million, a P/E ratio of -20.27 and a beta of 0.16. The stock has a fifty day moving average of $6.35 and a 200-day moving average of $6.09.

Greenfire Resources (NYSE:GFR) last released its earnings results on Wednesday, August 5th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.01 by $0.30. The firm had revenue of $123.86 million for the quarter, compared to analysts’ expectations of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Investors Weigh In On Greenfire Resources

Large investors have recently made changes to their positions in the stock. Beverly Hills Private Wealth LLC raised its position in Greenfire Resources by 161.3% during the third quarter. Beverly Hills Private Wealth LLC now owns 1,086,833 shares of the company’s stock worth $6,141,000 after acquiring an additional 670,909 shares in the last quarter. StoneX Group Inc. bought a new position in shares of Greenfire Resources in the 3rd quarter valued at about $87,000. Mraz Amerine & Associates Inc. bought a new position in shares of Greenfire Resources in the 3rd quarter valued at about $87,000. Louisbourg Investments Inc. increased its stake in shares of Greenfire Resources by 10.4% during the 3rd quarter. Louisbourg Investments Inc. now owns 730,816 shares of the company’s stock worth $4,121,000 after purchasing an additional 68,836 shares during the last quarter. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Greenfire Resources during the 3rd quarter worth about $154,000. Institutional investors and hedge funds own 88.89% of the company’s stock.

Greenfire Resources Company Profile

Greenfire Resources Ltd. (NYSE:GFR) is a Canadian energy company focused on the development and production of bitumen from the Alberta oil sands. The company operates in the Hangingstone area, approximately south of Fort McMurray, Alberta, one of Canada’s primary oil sands regions.

Greenfire’s principal assets include its Hangingstone Demonstration and Hangingstone Expansion projects. These operations use in situ production methods, including steam-assisted gravity drainage, to recover bitumen from underground deposits without conventional open-pit mining.